ESSEN (Germany), Nov 21 — Thyssenkrupp today scrapped its dividend after its full-year net loss widened five-fold, raising pressure on new chief executive officer Martina Merz to sell the group’s elevator division as an operational turnaround seems distant. The German conglomerate has been in...
Thursday, 21 Nov 2019 03:26 PM MYT
The German conglomerate has been in decline over the past 18 months, suffering from four profit warnings and two failed attempts to restructure, triggering a decision to sell its best asset — elevators — in a last-ditch turnaround effort. The sprawling conglomerate, whose activities range from steelmaking to plantbuilding, said its adjusted operating profit would only remain stable in 2019/20 after it dived 44 per cent in the last financial year to €802 million.
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